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u r | Is it harder to get a foreclosed home to buy for a first time buyer then a regualr priced home? |
What are the step to getting a forclosed home. for first time buyers in CA. |
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nickle
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go to your county seat(courthouse ) and go to the realestate division and tell them what you are interested in buying-they will take you to the files-------once you get some of the information(you want to mainly look for preforeclosure) get the owners name and phone # and call them, tell them you have noticed there is a possible forclosure on their house and ask them to meet with you to discuss possibly buying it directly from them. Find out from the owner that is about to lose the home exactly how much is REALLY owed on the house------then make them an offer---(say the owe 35,000.00) make them an offer of 42,000 which will allow you to purchase the house for just a tad more than owed. This way, you end up with a house for a small amt.(which will probably appraise for dbl + what you have paid)--it helps the people out of being foreclosed on and still gives them some cash for them to make a NEW start. ( you never know why some people end up loosing a home---they could have had a medical emergency and had to use the house payments-who knows). I have done this a few times. You will see how surprised and grateful people are for someone to come to them first while the house is in PRE FORECLOSURE and help save on an embarrassing moment. I dont know the laws of CA so when you go to the courthouse ask the realestate dept. what procedures need to be followed. Once the house has gone to FORECLOSURE (date of sale on courthouse steps) it is too late to try and get in touch with the owner that is being foreclosed on.
By buying it from the owner this will save you quite a bit of money as the banks charge lawyers fees etc--and they always want to get more out of the house then what is actually owed in ordr to make certain all expenses are covered. |
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hunter2
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The answer is no! As long as you have a good realtor working for you. You won't get it done alone.
www.hud.gov
That has all the info you can imagine you'd need.
Get yourself a good realtor, most all foreclosures are sold through real estate offices.
Best of luck. |
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bostonianinmo
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There's little difference between buying a forclosure or buying a non-forclosure.
A foreclosure may need some repairs or cleaning that aren't needed on a regular sale since the former owner has no incentive to put the home in the best condition for a sale and the banks usually don't want to spend any money on them. Aside from that, there's no real difference. |
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honey
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I found it easier cause they wanted to sell it right away. It needed new carpet and wall painted but it was nice to move in to a house basically new inside. I got a good price! |
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oohhbother
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We bought a foreclosed home. Your Realtor should be knowledgeable concerning the special requirements for doing that. You need to be extra careful that a thorough inspection is made of the property. People who have been forced into foreclosure may not have had the funds for general upkeep and maintenance. You will not be able to rely on seller disclosure of defects, since the property is owned by a bank that does not know any more about the houses condition than you do.
Also, title insurance is a must.
Look out for unfinished improvements. Ours was foreclosed while a pool was being installed, and it was not fenced legally - we had to put one in hurriedly when the township inspected and wrote us up. |
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craigd2599
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I'm going to gack! There is no such thing as a "Good Realtor". Remember...regardless of what they tell you, realtors work for THE SELLER! The more that house sells for, the more YOUR agent makes! Period! They have little or no reason to want you to buy the house for LESS!
As for foreclosed homes, the ONLY issue is seller contribution. Foreclosed homes generally have a limit as to how much the seller can or will contribute to your closing costs. Other than that, the difference is nil. I have been a mortgage banker for 9 years and I've financed dozens of foreclosures. First time homebuyers actually get preferential treatment on HUD foreclosures.
Go for it! |
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Jason M
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Yes, It is harder to buy a foreclosed home because you have to go threw hue owned it last and didn't pay on it or what ever have you but, sometimes it is worth it because that individual put more sweat and hard work into it. Than a regular priced home that was just built to sell and has less work done on it! And it depend es on the price difference between the two. |
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tmel123
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Generally, to buy a foreclosed home, you have to be the highest bidder, and put down a certain amount of cash (in the form of a check). It's usually 20% of the bid. These days, most people, especially 1st time buyers don't have the cash to put up 20%, and with a conventional purchase, you can often do a piggy-back mortgage. That is a 1st mortgage at 80% of the purchase price, and a 2nd home equity loan for the rest (less the cash you do have to put down). That's what I've done, with my first 2 home purchases. I'm a single 30-year old woman. |
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livinhapi
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go get a real estate broker and ask them for some first time home buyer benefits that you can get entitled too and better to buy a regular priced home than a foreclosed ones wherein sometimes they are of the same price anyway, but do some research in the internet that can help you. good luck hope you find your home of your dreams! |
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zdlaup
 |
Some good information coming in with this question. Good luck. |
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clever_lever2000
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You should really find someone that specializes in foreclosures. There are some pitfalls you should be aware of. Some foreclosures have hidden loans that you may have to repay if you purchase the home. A title company can also help you.
Sometimes the homeowner will sell directly to an average person to avoid foreclosure and that homeowner can walk away with a profit. That is a win-win situation.
This is an expample of what you should see on a well researched foreclosure listing. You may see multiple loans on one home.
http://www.thebluesheet.com/bluesheet.pdf
Some more information :http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2006/09/24/REGTDLB1SL1.DTL
http://www.khnl.com/Global/story.asp?S=2508749&nav=menu55_12_11_7 |
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mamadana
 |
beware of new home sales, alot of times the get u in with cheap house payments because they pay taxes and insurance for a year, after a year you have to pay and the payment goes up 3-4 hundred a month. If buying pre-owned make sure to get an independent inspection so you know what to have seller fix or what to negotiate. whether it is easier or not I don't know. Call at least 3 mortgage brokers, or lenders and get the best deal in writing first and get prequalified is the best advise my realtor gave me. GO FIXED RATE |
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satarnag
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Whether you're a first time buyer or not has no effect on your ability to purchase a foreclosed home. All the bank wants to see is if your qualified to finance or purchase the home. The majority of them want you to get pre-approved with them first.
I am a real estate broker who specializes in foreclosures in SoCal (Riverside, San Diego and Orange County) and foreclosure has become a buzzword lately and people think it means they are getting a good deal on a property. That is not necessary the case. That said, your best bet is to find a real estate professional who is experienced with the foreclosure process to help you look for undervalued property in your area.
E-mail me if you have any questions.
Regards |
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Mother of flute player
|
I live in California too, and I know that real estate is extremely expensive. But you will not save that much money buying a foreclosed home. There are far too many speculators in the real estate market in California. Anyone who says that they can "help you buy a foreclosed home" is selling something. There are no bargains in California.
And you have to ask yourself a question. Do you really want to profit off of the misfortune of others?
Do the right thing. Go to your bank and apply for a fixed rate 30 year mortgage. If they don't give you a good deal, go to another bank. Wells Fargo and Washington Mutual do a lot of loans in California. Mortgage brokers work with other banks, but remember this, they don't care if you can afford the loan they sell you. They get paid their fees regardless.
You also might want to check your city for their first time home buyers program. |
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This_is_me
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Yes defnetly, a first time buyer wouldnt noe about the market price and housing rates and hence getting a foreclosed home would mean YOU OWE and YOU dont noe anything else. whereas u get a reguler price home as a start and u noe exactly wat ure doing wif u hse. |
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jamij_99
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I sold Real Estate and was a loan officer. There are many programs out there for 1st time home buyers. Go see a mortgage broker do not go to a BANK. They can help you with buying a home. The cost are very similiar in both types of homes. You must go to the court house to buy forclosed homes and have a cashiers check in your hand and make an offer. So it is not that easy!! |
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meg
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you have to pay more taxes the first year becaue there are no exemptions since its been empty for awhile. |
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eli
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i am buing a foreclosed home for 30,000 cash now buisides the 30,000 what ealse am i gona need to pay |
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